Solarium Green IPO Launched- Company Seeks to Raise Rs 105 crore

Ahmedabad-based Solar EPC and O&M provider Solarium Green Energy has launched its IPO today. The IPO comprises a fresh issue of 54,99,600 Equity Shares of ₹ 10 each at a price band of Rs 181-191. Thus, at the upper end of the price band, the company is looking to raise Rs 105.04 crore.  The shares will be listed on the BSE SME platform. The minimum lot size for each application is 600 shares.

The firm has already secured a capital infusion of Rs  29.85 crore through anchor book process on February 05, 2025 from a clutch of investors. The issue closes for subscription on Feb 10.  

Solarium Green Energy Limited has successfully completed 11,195 residential rooftop projects, 172 C&I projects, and 17 government projects between Sep ’21 to Dec ’24. As on December’24, the company claims to be managing ongoing projects worth ₹185 Crores, out of which around ₹45 Crore revenue have been booked till September’24, with new tenders under bidding (not won) totaling ₹885 Crores.

For the period ended 31st March 2024, The Company reported Revenue from Operations stands at ₹177.80 Crores versus Rs 98.93 cr in 2023,  EBITDA stands at ₹23.78 Crores & PAT ₹15.59 Crores versus Rs 1.74 crores in Fy23.  In H1 of FY25 the company reported Revenue of ₹81.99 Crore with an EBITDA of ₹11.59 Crores and PAT ₹7.55 Crores. 

The net proceeds from the IPO are meant for working capital requirements, and to address general corporate purposes. 

Equity Share Allocation

• Qualified Institutional Buyer – At least 26,05,800 Equity Shares
• HNI –  At least 7,82,400 Equity Shares
• Retail Individual Investors – At least 18,24,600 Equity Shares
• Market Maker – Up to 2,86,800 Equity Shares

Ankit Garg, Chairman & Managing Director of Solarium Green Energy Limited expressed, “Over the years, our expertise and strategic vision have been instrumental in establishing the company as an emerging EPC player across the residential, commercial & industrial (C&I), and government sectors. With India’s growing renewable energy demand and the nation’s ambitious target of achieving 500 GW by 2030, we are committed to playing a significant role in expanding the country’s green energy capacity. Our dedication to sustainability drives us to deliver innovative and impactful energy solutions.:

The Company was founded by Ankit Garg, an alumnus of the Indian School of Mines, Dhanbad. It has since evolved to specialise in an extensive range of projects, including residential and commercial rooftop systems, ground-mounted installations, solar trees, carports, solar-wind hybrid projects, and energy storage solar solutions.